The June 2011 CAR Trends Report has been posted to the Research Data section on the Marketing Page of SAVI.
In it, CAR shows that despite concerns about the performance of the market, there are buyers who are taking advantage of today’s prices and low mortgage rates. Here are selected results from C.A.R.’s 2011 Survey of California Home Buyers that explain why people are buying now and how they have gone about their home buying process:
- What is getting buyers off the fence and what is their primary reason for buying.
Most responses pointed to the familiar theme of improved affordability due to price declines and favorable financing.
- Certain neighborhood and home qualities were more desirable than others.
Most buyers indicated the neighborhood was more important or equally important as the home features.
- The Internet is the primary tool of buyers – they used it not only for research on the housing market and neighborhoods, but also to find homes and their agents.
Buyers are doing their homework, with nearly three quarters spending between two and four months investigating homes and neighborhoods before contacting an agent. But, while the Internet offered a wealth of information and resources, 80% of buyers indicated that they found the home they purchased through an agent.
- The use of social media is becoming more prominent and buyers have caught on.
Over half of the buyers surveyed indicated they use social media for agent referrals, to view home videos and agents’ Facebook pages, get home buying tips, and review neighborhood information.
To access the full report, click here.